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Indicate the specific detailed test or tests that might address the error, fraud, or circumstance and the financial statement assertion addressed by each test.
a. The aged trial balance does not agree with individual accounts payable ledger.
b. The auditor suspects that accounts payable is overstated.
c. Several shipments were received from an overseas FOB shipping point on January 2, 2008.
d. The December 31, 2007, accounts payable balance appears low in comparison with the prior two years.
e. The Accounts Payable department maintains a file of unmatched received reports, that is, receiving reports for which an invoice had not yet been received.
Control systems in nonprofit organizations will never be as highly developed as in profit-seeking organizations. Do you agree? Explain.
Identify the principles of internal control. Give an example of each principle. Are there any limitations to a sound internal control system?
You will be required to obtain/study annual reports of companies in the industry
Determine the information contained in internal audit report
For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.
Internal control is a process effected by an entity's board of directors, management, and other personnel that is designed to provide reasonable assurance regarding the achievement of objectives.
Imagine you are a company controller. Identify the internal control reporting options. Create criteria against which the options may be evaluated. Include internal controls for IT.
Write down a report in 700 words, justifying the need for the system when controls are in place with insurance and portfolio approaches.
To prepare a report on a criteria audit conducted at Curtin Hospital.
Define fraud and the roles and responsibilities of an Auditor in detecting and reporting fraud. Talk about the impact of accounting fraud. Give an example of fraudulent activity.
How large would the salvage value of the automated equipment have to be to make the investment in the automated equipment financially attractive?
Assignment: Read the following case and explain one internal control procedure that would be helpful in this scenario.
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